Waiting (Patiently)

Unlike Monday there was not a lot of net price movement but it was yet another up trending price bar on the daily chart of the cash S&P500. And there is not much to add except for the fact that the swing chart (orange line) has turned back up without showing a trend change.

The TD Sequential is on a “sell” signal with the stop level at 1121.95. The most conservative action is to await confirmation of a sell-off using the level of 1066.63, which is just above the short and medium moving averages. Note that if the market does make a higher high today then the Level 1 price pulses will join the swing chart as showing the trend as up. So like yesterday … it is important not to jump the gun on a trend change.

Bottom Line: No change. I have been neutral since October 9th and remain that way now while waiting for more definitive proof that a top is in before acting on the new sequential signal.